Gold bounced on the first trading day in April, snapping a three-session slump and reclaiming $1,200 an ounce. Other precious metals also advanced.
Gold for June delivery settled up $25, or 2.1%, to $1,208.20 an ounce on the Comex division of the New York Mercantile Exchange. The daily gain was the most since Jan. 15 when gold prices surged $30.30.
"The March ADP national employment report was released Wednesday morning and came in at up 189,000 in March, which was a significant miss to the downside. Gold prices saw a modest pop to the upside immediately after that report was released," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note. "Gold’s gains accelerated when weaker U.S. auto industry sales were reported and when downbeat U.S. manufacturing data was released," Wyckoff added.
Gold prices ranged from a low of $1,180.50 to a high of $1,208.70.
Silver for May delivery soared 46 cents, or 2.8%, to settle at $17.06 an ounce. The precious metal traded between $16.50 and $17.08.
In PGM futures on Wednesday:
July platinum gained $22.60, or 2%, to $1,166 an ounce, ranging from $1,133.30 to $1,169.60.
- Palladium for June delivery rose $13.55, or 1.8%, to $748.85 an ounce, trading between $732.80 and $749.95.
London Precious Metals Prices
Earlier fixed London precious metals ended mixed. In comparing London bullion prices from Tuesday PM to Wednesday PM:
- Gold moved up $10, or 0.8%, to $1,197 an ounce,
- Silver lost 4 cents, or 0.2%, to $16.56 an ounce,
- Platinum added $13, or 1.2%, to $1,142 an ounce, and
- Palladium rose $12, or 1.6%, to $741 an ounce.
US Mint Bullion Coin Sales in April
United States Mint gold coins eased onto the April sales column with gains of 2,000 ounces. Splits were 500 ounces in one-half ounce Gold Eagles and 1,500 ounces in one-ounce American Buffalo gold coins.
This listing of U.S. Mint bullion products show the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Wednesday Sales||Last Week||Current Week||March Sales||April Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||0||3,500||6,000||35,000||0||99,000|
|$25 American Eagle 1/2 Oz Gold Coins||1,000||0||2,000||5,000||1,000||26,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||2,000||0||8,000||0||44,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||10,000||5,000||70,000||0||235,000|
|$50 American Buffalo 1 Oz Gold Coins||1,500||500||2,500||9,500||1,500||57,500|
|$1 American Eagle 1 Oz Silver Coins||0||847,500||603,500||3,519,000||0||12,071,000|
|2015 Homestead 5 Oz Silver Coins*||–||6,000||1,000||15,000||–||35,000|